GOLDMINING

Grey River Argus, 18 March 1942, Page 1

GOLDMINING

Dredge returns during the first half of this month were:—Arahura 427 oz. from 96,000 yards for 198 hours; Kanieri, 383 ozs. from 101,000 yards for 221 hours; Barrytown, 316 ozs. from 60,000 yds. for 138 hours; Ngahere 346 ozs. from 130,560 yards icr 246 hours.

Maori Gold Dredging Company’s report and balance sheet shows a net operating profit of £5,266 for the year ending December 31, 1941. The directors state that due to stoppages, owing principally to machinery breakdowns, operations were carried out for the equivalent of only 39 weeks. The net profit, after writingoff the loss of £603 brought forward, had been applied to writing down the plant, dredge, and Callaghan’s area. etc-., leaving a balance to profit and loss of £34. Repairs and maintenance totalled £5,630, indicating the hammering the uredge and machinery had received. The gross proceeds of gold won were £13,133, less gpld duty and war duty £1,923. Cash at bank at the end of the year was £1,937, and gold premiums receivable £1,300. The overdraft, whicn stood at £2,351 on December 31. 1940, had ben paid off, and since then the debenture debt had been reduced bv £l.OOO. Two other debentures tota'ling £1,705 and £2,000 at the end of the .year, it was hoped to pay off within the next few months if the recent good run continued